Michael Saylor hands over a billion dollars to bitcoin. Strategy purchased 13,927 BTC between April 6 and 12, 2026, bringing its total reserve to 780,897 BTC. Despite the volatility and latent losses, the accumulation machine is still running.
In brief
- Michael Saylor restarts the accumulation with 13,927 BTC purchased in one week.
- Strategy now holds 780,897 BTC, or almost 3.72% of the total supply.
- The bet is growing, but the latent losses remind us that the risk remains immense.
A billion more, and no sign of stopping
Michael Saylor therefore adds 1 billion dollars to his bitcoin empire with a now familiar logic: buy again, even after a phase of stress on the market. The average price of this new tranche is $71,902 per BTC, for a total of 13,927 additional bitcoins.
This point is not trivial. Strategy's overall average cost remains higher, at $75,577 per bitcoin. Clearly, the company took advantage of a price level lower than its own average acquisition price to strengthen its position, which reflects an assumed strategy of buying on decline rather than a defensive posture.
The sequence also impresses with its rhythm. This is Strategy's fourth biggest buying week of the year. We are therefore not facing a simple cash flow adjustment, but rather a further acceleration in an already massive program.
Saylor's real weapon is no longer just bitcoin
Perhaps the most telling thing is not the volume purchased, but how it was financed. Strategy used proceeds from sales of STRC stock, its perpetual preferred stock, to fuel this new acquisition. The April 13 8-K filing doesn't leave much room for doubt on this point.
Over the week, the company sold 10,028,363 STRC shares for a notional value of approximately $1.0028 billion and net proceeds of $1.0013 billion. At the same time, no MSTR shares were sold. This shows that Strategy can still raise capital without activating all of its levers at once.
This is where the “empire” takes a very concrete form. Strategy doesn't just own a giant stock of bitcoin. It has built a financing mechanism almost dedicated to its expansion. As of April 12, there was still approximately $21.6 billion available in the STRC program and $27.1 billion in the MSTR program.
A colossus that advances, but with a visible flaw
This financial power does not erase the accounting fragility of the model. A week earlier, Strategy announced the purchase of an additional 4,871 BTC for $329.9 million. The group was already continuing to increase its pace, even before this new billion injected into the market.
But the downside exists. In this same April 6 document, the company reported $14.46 billion in unrealized losses on its digital assets in the first quarter of 2026. It also specified that as of March 31, the fair value of its bitcoins remained below their cost price.
In other words, the strategy remains coherent in its internal logic, but it is not comfortable. It assumes that time and the trajectory of bitcoin will eventually justify the piling of capital, potential dilution, and dividends tied to preferred instruments. It is a strong conviction, not a quiet bet.
With 780,897 BTC in reserve, Strategy now accounts for 3.719% of the total bitcoin supply, according to CoinGecko data. The cumulative cost of this position slightly exceeds $59 billion, while its market value remains lower, around $55.5 billion. Such a size profoundly transforms the nature of the company. It is all the more striking because at the same time, bitcoin mining companies are facing major difficulties as the next halving approaches.
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